Sep 10, 2020

City Bulletin: Morrisons underlines the cost of doing business in the pandemic

While like-for-like sales excluding fuel and VAT were 8.7 per cent higher year-on-year during the six months to the start of August, profits fell 28 per cent to £145m. Covid-19 added £155m in costs for Morrisons as the grocer recruited 45,000 new staff and ramped up its online offering. The market paid out £2.4bn in claims for the pandemic during the first six months of the year, after taking into account money recovered from reinsurers. Finally BP is to acquire a 50 per cent stake in two offshore wind power projects from Norwegian group Equinor for $1.1bn. Our senior energy correspondent Anjli Raval has more on Tiffany hit back on Wednesday and filed a US lawsuit against LVMH, alleging the French group, controlled by French billionaire Bernard Arnault, used tactics such as delaying antitrust filings to run down the clock on the takeover agreement. Alibaba-backed Ant Group, China's second-largest brokerage Haitong Securities, Huawei's cloud division and Tencent-backed digital bank WeBank are among the companies that have in recent months approached Singapore's industry groups about becoming members or partnerships.

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